News

  • The April statistics are in from the Real Estate Board of Greater Vancouver and the initial impression is that the residential market is in flux across Vancouver. Benchmark prices are up, sales volume is down, and the number of active listings is up.

    Despite the increase in available inventory and the decrease of qualified buyers, due in part to the changes in mortgage qualifications, the sales to active listings ratios for all product types is 26.3%. This is still well above the 20% threshold where analysts say home prices experience upward…

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  • The Fraser Valley Real Estate Board’s stats are out for April and it’s not the Spring market we expected. Prices remain sticky for now but sales are down and sale price as a percent of list price is down across all home types indicating less aggressive buying behaviour. A healthy injection of new listings in April put active listings up 20% to 37% year over year depending on home type.

    Historically smaller month-over-month increases in sales are common for April after the typical flood of sales in March but this April’s sales numbers a…

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  • The Real Estate Board of Greater Vancouver (REBGV) reports that the total number of completed residential transactions across Metro Vancouver was down relative to historical norms in March.

    The 2517 total home sales across the region were a 29.7% decrease compared with the same month last year and approximately 23% below the 10-year sales average for March, but a 14% increase over the 2207 homes that were sold in February 2018. For the first quarter of 2018, the REBGV reports a total of 6542 transactions on the MLS, which was the lowest firs…

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  • The Fraser Valley Real Estate Board’s stats are out for March and it is a curious mix. Sales are down 22-28%, year-over-year; however, homes are selling faster (days on market is down for all home types) and at even higher prices (benchmark prices are up for all home types). Unfortunately, this unusual dip in sales did not result in a meaningful increase in supply. This may largely be due to March 2018 having the fewest new listings of any March since 2014, 8% below the 10 year average.

    It is, nonetheless, still a very strong market in the…

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  • Below is our State of the Market report on residential development activity in Burquitlam-Lougheed. It includes a breakdown of the sales activity of residential development land in the area and a highlight of the development applications that are currently in process, which show us where the construction of an estimated 9,467 homes will be concentrated.
    DEVELOPMENT ACTIVITY IN BURQUITLAM-LOUGHEED
    The arrival of the long awaited SkyTrain has sparked considerable change for the neighbourhoods adjacent to Coquitlam’s North Road Corridor. The C…

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  • Below is our State of the Market report on residential development in Langley’s Willoughby neighbourhood. Included in this report is a highlight of the in-process development applications and sale activity of residential development land in the area. Most importantly, we have included an update on the development status of the various neighbourhood plans.

     
    DEVELOPMENT ACTIVITY IN WILLOUGHBY
    2017 was another incredibly active year for new development and land transactions in Willoughby. The area continues to be one of the most sought-…

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  • Below is our State of the Market report on residential development in South Surrey. Included in this report is a highlight of the in-process development applications and sale activity of residential development land in the area. Most importantly, we have included an update on the development status of the various neighbourhood plans.

     
    DEVELOPMENT ACTIVITY IN SOUTH SURREY
    Grandview continues to be the epicenter of residential development in South Surrey. Rapid development and shrinking supply of readily developable land is shifting de…

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  • The February statistics from the Real Estate Board of Greater Vancouver indicate a significant drop in sales volume relative to historical averages, while prices continue to increase for multi-family product and prices for detached homes remained flat.

    REBGV reports a total of 2,207 residential deals completed in February 2018, which is a 21.4% increase over January 2018, but a 9% decrease from the 2,424 sales in February 2017. Overall, last months sales volume was 14.4% below the 10 year February sales average. This decrease in volume was n…

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  • Fraser Valley Real Estate Board stats are out for the month of February and signs are hinting at a strong Spring market in the Valley as inventory remains low, prices climb and competition ramps up.

    The average days on market fell to a new all-time low for condos as demand picks up in all home types. Similarly, the sale price as a percent of original list price continues to climb back up as buyers pay prices even further above list price for attached home types. Detached home sale prices are up to 98.3% of list price, a figure we didn’t se…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q4-2017 is now available. View the report here.

    The below is from a February 27, 2018 press release from UDI which can be seen in its entirety here.

    MARGINAL 4Q 2017 IMPROVEMENT IN HOUSING SUPPLY: VANCOUVER HAD ONE MORE TOWNHOME!

    VANCOUVER, BC —For those who want to live in outer Metro Vancouver, areas such as Langley or Surrey, the fourth quarter State of the Market 2017 report offered some modest relief with 23 new townhomes and 14 apartments available to buy …

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  • The January statistics from the Real Estate Board of Greater Vancouver indicate continued strong demand for townhomes and condos across Metro Vancouver as we head into 2018, while the detached home market continues to become less and less competitive.

    REBGV reports a total of 1,818 residential sales in January, which was an increase of 19.4% over the same month last year yet down 9.8% from a particularly strong December 2017, when over 2000 homes were sold. Overall, January’s sales were 7.1% above the 10-year January sales average.

    It…

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  • Fraser Valley Real Estate Board stats are out for the month of January and it’s more of the same: strong sales and demand in the attached home market and incredibly low inventory across the board.

    The push for sales in December, in anticipation of  the January change in mortgage rules, appears to have merely delayed the typical seasonal drop in sales activity which should have begun in December. January saw month-over-month decreases in sales 2 to 4 times greater than January 2017 but the combined December-January decrease is on par with …

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  • By Adam Lawrence, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Photo by Broda Photography, Courtesy of UDI. More photos of the event can be seen here.

    A sold-out crowd of over 1,200 UDI members packed the ballroom of the Vancouver Hyatt Hotel on January 18th for the annual Forecast Luncheon, where a panel of several of Vancouver’s most prominent development figures offered their insights on what 2018 might look like for the region’s real estate market.

    Jon Stovell of Reliance Properties returned as moderator of …

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  • The December stats from the Real Estate Board of Greater Vancouver indicate the expected holiday lull in market activity, however there were some interesting anomalies to note.

    As expected sales and new listings were both down month over month, but the total number of completed residential deals was actually 7% higher than the ten-year average for December. As was the case all year, this relatively strong sales performance was observed most dramatically in the multi-family market. Absorption (i.e. Days on Market) for new townhomes was the fa…

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  • Market stats from the Fraser Valley Real Estate Board for December are showing signs of the typical winter lull, but not to the degree we would expect. Sales are down in all categories, which is typical as fewer properties are listed in December, but average days on market, sale price as a percent of original list price and benchmark prices all point to market strength and robust demand unusual for the month. Furthermore, the month-over-month reduction in active listings was far smaller than December 2016, which could indicate there was a push …

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q3-2017 is now available. View the report here.

    The below is from a December 5, 2017 press release from UDI which can be seen in its entirety here.

    NEW MULTI-FAMILY HOUSING SHORTAGE A 911 CALL TO GOVERNMENTS

    VANCOUVER, BC — Whether you’re a first responder, a teacher, barista, lawyer or tech worker seeking a new, multifamily home to rent or buy in the Metro Vancouver area, you’ll find the latest third quarter State of the Market 2017 report confirms an acut…

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  • Strong demand for multi-family product continues to drive the housing market in Greater Vancouver as 2017 comes to a close. In total, multi-family transactions accounted for 70% of residential transactions recorded by the MLS in November.

    The Real Estate Board of Greater Vancouver reported a total of 2,795 transactions in November 2017, which is an increase of over 26% over November last year and about 7.5% less than the 3,022 homes sold in October 2017. The 2,795 sales were comprised of: 841 detached home transactions, 446 townhome transact…

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  • For the past decade the Fraser Valley Real Estate Board has been reporting stats for the winter season that reflect lower sales, reduced prices and decreased inventory. This winter appears to be ignoring that seasonality for the most part, potentially in anticipation of the new mortgage rules in January.

    At first glance the benchmark price for a detached home in the Fraser Valley appears to follow the typical seasonal decreases but it’s not until you exclude South Surrey that you get the real picture. Most communities outside of Surrey (La…

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  • by Adam Lawrence, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Evergreen Line in Coquitlam City Centre, photograph by Steve Ray. Source: https://www.habitatgv.ca/news/2017/8/23/city-of-coquitlam-is-partnering-with-habitat

     

    On November 28th the local development community gathered for a UDI breakfast event to hear from the City of Coquitlam regarding the City’s plans to accommodate the influx of an anticipated 84,000 new residents to the municipality in the next 30 years.

    The panel discussion incl…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On December 1st, the Surrey Board of Trade (SBOT) hosted an event to facilitate conversation about development in Surrey, which included a presentation on the proposed Light Rapid Transit (LRT), an address by Surrey’s Mayor Linda Hepner and updates from the head of Surrey’s Planning and Engineering departments.

    The video presentation on the proposed LRT explained the two phases of the 27 km light rail project with the phase 1 connecting Newton Exchange …

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  • by Adam Lawrence, Land & Investment Sales, Frontline Real Estate Services Ltd.

     

    Premier John Horgan addressed a large contingent of stakeholders in the local development community at the latest UDI luncheon held in Downtown Vancouver on November 16, 2017. The Premier was joined by Minister of Municipal Affairs and Housing, the Honourable Selina Robinson, in what was the first time in close to a decade that a sitting Premier of British Columbia has spoken at an event hosted by the Urban Development Institute.

    The packed ho…

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  • This article West Coast townhomes now selling at Berkeley Village in sunny South Surrey was originally published on November 20, 2017 on BuzzBuzzNews (BuzzBuzzHome).

    Berkeley Village, a modern townhome neighbourhood in South Surrey, offers unparalleled access to amenities and green spaces. Developed by Ikonik Homes, these two- and three-bedroom plus den townhomes feature rooftop decks and bright, spacious interiors. Residents will also enjoy access to an exclusive amenity building for gatherings, events and community activities.

    Berk…

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  • Demand for multi-family product continued to drive the Greater Vancouver residential market in October. Overall residential sales continue to outpace historical norms, at least 30% more units traded across all property types when compared to the same time period last year, but significantly more completed deals are coming from an increasingly tight supply of apartments and townhomes. REBGV reports that there were a total of 3,022 residential property sales in October of which 940 were detached homes, 1,532 were apartments and 550 were attached …

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  • The Fraser Valley Real Estate Board’s stats for October show a continued divergence between attached and detached homes. The relative affordability of multi-family homes has resulted in another month of strong sales and price escalation while detached homes slowed once again. Attached homes now represent 56% of the month’s total sales, up from 53% in September.

    The benchmark price for a townhome and an apartment climbed a further 0.8% and 3.1% respectively, month-over-month, with almost constant days on market and reductions in inventory…

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  • On October 23, 2017 Township of Langley Council voted once again on 3rd Reading for the Brookswood-Fernridge Official Community Plan (OCP) update. In an unprecedented 7-2 vote in favour of 3rd Reading, we received the long-awaited conclusion to nearly 2 years of planning, public consultation, debate, drafting and revision.

    The council meeting began with a presentation by Township staff to review previously approved amendments to the draft OCP and additional amendments resulting from the September 11th meeting of council. Staff then presented…

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  • Robust demand for townhouses and condos continued to drive the Greater Vancouver housing market in September. The sales to active listings ratios indicate that these product types remain firmly entrenched in a seller’s markets while detached homes remain in the balanced market, as observed for several months now.

    Benchmark prices for all residential property types were up month over month. However, townhomes (1.1%) and condos (1.4%) showed much stronger price growth than detached homes. Detached homes showed a negligible price growth of 0….

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  • Coming back from the summer break, the Fraser Valley market stats are telling quite different stories for the attached and detached segments of the market.

    Townhomes and apartments continue to increase their lead over detached homes, counting for more than half of all home sales. Benchmark prices are up month-over-month again for attached homes, with apartments leading the charge at a 2.5% price increase. Days on market remains steady at less than 3 weeks with continued low supply and strong demand holding sale prices above list price. The a…

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  • This article Southside takes a quiet, but amenity-rich location by Michael Bernard was originally published on September 23, 2017 in the Vancouver Sun.

    Louise Roos couldn’t stay away from the South Surrey site where her new home was going up. As a former welder-turned-structural engineer, she couldn’t resist dropping by — almost daily — to see how Miracon Development and its crew were doing in building her single-family home.

    “They told me ‘Well, you can go inside, Louise, but just don’t start giving orders to workers,…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q2-2017 is now available. View the report here. The below is from a September 12, 2017 press release from UDI which can be seen in its entirety here:

    Throttled Supply of New Multi-Family Housing Worsens

    VANCOUVER, BC —New multi-family housing supply continues to decline with zero new townhomes or concrete apartments completed and move-in ready in Vancouver. Only 31 apartments were ready for occupancy in the entire Metro Vancouver region at the end of June 2017, shown in UDI…

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  • Despite its traditional reputation as a quiet month, August activity in the residential markets North of the Fraser River was notable, particularly in the multi-family sectors. For all residential product types, REBGV is reporting an increase in unit sales of 19.6% above the August sales average, a 2.8% increase over July 2017 and a 22.3% increase over July 2016.

    Despite seeing listings decline nearly 18% month over month, the condominium market recorded a 10% increase of completed transactions over July 2017, and a 20% increase over August …

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